Unit 15 finance management is a significant unit in the business h and diploma which has the objective of offering students an introduction to the foundation strategies and principles for finance management. The unit focuses on the significance of increasing shareholder achievements and wealth for the long-term growth of an organisation. With the help of the senior, the learners will identify the financial management processes of decision-making and the way through which they have contributed to the sustainable performance of the organisation. In addition, the students will increase their knowledge of the significant character of Management accountants within the system of financial management, and recognise the way through which analysis and financial data drive the decisions of strategies.
A significant focus of this unit is on the development of the abilities of students to support the functions of financial management in a business. They will acquire a way to help us accountants in senior management positions to make positive decisions and influence the performance of the organisation in terms of finance. It includes the application of financial management tools and recognition of the techniques to the scenarios of the real world which improve the problem-solving and analytical skills of students. This unit also paves the budgeting financial planning risk management and investment appraisal which provide the comprehensive recognition of financial management practices.
The students who acquired this unit with complete success would have the fundamental practical skills and knowledge that are required for the contribution to the financial management of the organisation. They must be able to play a role with great support in the analysis planning and decision-making process of finance. Moreover, the unit also contains a robust foundation for the aspiration of students to progress in a study at a high level in related fields or financial management. It makes learners able to generate a strong path to a career in accounting and financial management.
Aims of unit
The main aims of Unit 15 financial management are to fulfil the learning demands of the business for the HND diploma such as:
- To equip learners with significant knowledge of strategies of financial management and crucial principles for effective decision-making.
- To focus on the significance of improving the value of shareholders while certifying sustainable organisation growth.
- To provide the ability of students to make well-informed financial decisions that support the performance of the organisation.
- To cultivate the motivation of the role of accountant manager with systems of financial management that shed light on their influence on strategic decision-making.
Learning outcomes
the main learning outcomes of the Unit 15 Financial Management in Business for the HND diploma are demonstrated below:
LO1: Apply different approaches used to support effective decision-making.
- An approach based on knowledge
An overview which has a social emphasis on objective factual and quantitative information so that you can make decision-making
- Informal versus formal approach
The way through which the formal approach utilising processes systems and structures contrasts with the informal approaches such as unwritten rules networks and relationships
- The stakeholder`s character and decision-making
The internal stakeholder`s contribution such as the perspective of managers and employees on the situation and the external stakeholder`s contribution for example investors or suppliers` vested interest in decision-making.
Reaching the decisions with a strategy for external and internal buying or making emphasized significant factors of influencing.
Identify the influence of multiple assets on production through which growth or so sales can prevent from increasing
- Significant Factor analysis
The optimisation of external and internal factors for identification of profitability of the services or products.
LO2: Analyse financial management principles which are used to support effective financial strategies.
- Objectives setting for attaining financial goals
Setting medium-long-term and short-term goals and the way through which they assist in determining the financial data aspect which is utilised to generate objectives.
- Ethical financial management
Reasons that make an organisation conduct its activities of finance in an ethical manner. It required the extension to decision-making ethically.
- Increasing the wealth of shareholders
Expect the shareholders and investment with a return, a significant goal of strategy for financial planning.
- Sustainable delivery of long-term growth
Use of financial data to inform decisions that support and lead to sustainable growth in the long term.
LO3: Evaluate the role of management accountants and accounting control systems.
- Significant functions for Management Accountant
The Financial Management Accountant applications and techniques to interpret present and generate the financial data for supporting the effect of decision making.
- Systems of financial management
The activity collection certifies the effective management of finance and the risk of financial management.
The optimisation of Advanced and new technology spot building inclusive and integrated systems of finance.
The risks and benefits of operation for new technology
- Effective and cost control financial planning
Use of past data performance. Cognizant predictions and information for controlling support and cost operations strategic planning and tactical.
- External and internal controls
Recognising controlling areas which are crucial for external and internal place controls.
- Optimising financial management to prevent and detect fraud
Recognising the overview of fraud constitution, in the activity of fraudulent engagement implications and employment techniques to prevent and detect fraud.
LO4: Evaluate ways in which financial decision-making supports sustainable performance.
- Optimising financial ratios information to informed decisions
Generates basically cognition of the way through which financial ratios are optimised and data is provided with the information used for strategic decisions information and operations significant to other organisations.
- Utilising formed decisions with investment appraisals
Identify the through which investment appraisal techniques outcomes including VPV, ROCE, IRR and Payback periods are optimised for informed the ROI increase and appropriate action.
- Appreciate the cash flow statement value, break-even and trial balance to financial decision-making
Every evaluated technique is to identify the value of the decision-making informants.
Assessment criteria
Each of the learning outcomes of Unit 15 Financial Management is associated with the assessment criteria including:
LO1: Apply different approaches used to support effective decision-making.
- 1.1 Apply different formal and informal approaches used to support effective decision-making in given organisational examples.
- 1.2 Analyse formal and informal approaches applied to support decision-making, addressing both advantages and disadvantages.
- 1.3 Critique the use of different formal and informal approaches to support decision-making in given organisational examples.
LO2: Analyse financial management principles which are used to support effective financial strategies.
- 2.1 Analyse the key financial management principles required by organisations to achieve effective financial strategies for long-term financial sustainability.
- 2.2 Critically analyse the key financial management principles and their importance in delivering effective financial strategies for long-term financial sustainability.
- 2.3 Critically evaluate the importance of key financial management principles in supporting and delivering effective financial strategies for long-term financial sustainability
LO3: Evaluate the role of management accountants and accounting control systems.
- 3.1 Evaluate the role of management accountants and their value as part of an integrated system.
- 3.2 Evaluate the use of accounting control systems and their value as part of an integrated business system.
- 3.3 Critically evaluate the role of management accountants and accounting control systems to support a culture of ethical financial management.
- 3.4 Make justified recommendations on how the role of management accountants and accounting control systems can be improved to support financial decision-making in order to achieve long-term financial sustainability.
LO4: Evaluate ways in which financial decision-making supports sustainable performance.
- 4.1 Evaluate the ways in which financial decision-making is important for supporting long-term financial sustainability.
- 4.2 Critically evaluate how different ways of financial decision-making support long-term financial sustainability.
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